Call for Asiama’s removal from GoldBod Board must be based on facts — Kosi Dedey

Policy Analyst Michael Kosi Dedey has urged caution over calls for the removal of Bank of Ghana (BoG) Governor Dr Johnson Asiama from the Board of the Ghana Gold Board (GoldBod).

His comments come after former Finance Minister Dr Mohammed Amin Adam called for Dr Asiama’s removal from the GoldBod Board.

Dr Amin Adam argued that the BoG Governor’s position on the board is inappropriate because the central bank is financing GoldBod’s operations, raising concerns about a potential conflict of interest and the independence of the central bank.

He cited transactions amounting to GH¢133 billion between the two institutions and questioned the terms governing their financial relationship.

However, Mr Dedey said the key issue should be whether the Governor’s interest and the BoG’s involvement in transactions with GoldBod were disclosed to other board members and properly managed.

Speaking on Accra-based Channel One TV’s Breakfast Daily programme on Wednesday, September 2, he said a conflict of interest could be addressed when the person involved declares the interest and recuses himself from relevant decisions where necessary.

“In the issue of conflict of interest, again, people sit on boards, and conflict of interest situations, when they arise, sometimes the way to cure it is to declare your interest. So, for me, the question would have been: Was it known to other board members the role of the Bank of Ghana in the transactions with Gold Board?” he asked.

He stressed that there must first be clarity on how the conflict was handled during board deliberations and whether appropriate safeguards were followed.

“But how was it managed? If clearly it was prudently managed, then I don't think there's any problem with that," the policy analyst said.

The debate follows increasing scrutiny of GoldBod’s operations, including concerns raised by the opposition over its financial relationship with the BoG and the reported losses associated with its operations.